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20130113
20130121
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and broadening opportunity for the middle class is shrinking our deficits in a balanced and responsible way. and for nearly two years now, i've been fighting for such a plan -- one that would reduce our deficits by $4 trillion over the next decade, which would stabilize our debt and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable so it doesn't crowd out the investments we need to make in people and education and job training and science and medical research -- all the things that help us grow. now, step by step, we've made progress towards that goal. over the past two years, i've signed into law about $1.4 trillion in spending cuts. two weeks ago, i signed into law more than $600 billion in new revenue by making sure the wealthiest americans begin to pay their fair share. when you add the money that we'll save in interest payments on the debt, all together that adds up to a total of about $2.5 trillion in deficit reduction over the past two years -- not cou
of savings from spending on health care and revenues from closing loopholes, we consult the deficit issue without sacrificing our investments in things like education that are going to help us grow. it turns out the american people agree with me. they listened to an entire year's debate over this issue, and they made a clear decision about the approach they prefer. they do not think it is fair to ask a senior to pay more for his or her health care or a scientist to shut down like that saving research so that a multi millionaire investor can take less in tax rates then a second trip -- and a secretary. they do not think it is smart to protect and as corporate loopholes and tax breaks for the wealthiest americans rather than rebuild roads and schools or help manufacturers bring jobs back to america. they want us to get our books in order in a balanced way where everyone pulls their weight, everyone does their part. that is what i want as well. that is what i have proposed. we can get it done, but we're going to have to make sure people are looking at this irresponsible way, rather than just
with a comprehensive debt and deficit reduction plan. the debt ceiling and all around it doesn't really solve the problem. it is a waste of time. adam: let me interrupt you because we have had this debt ceiling essentially part of our discussion for almost 100 years, going back to 1917 with the issue of liberty bonds. now today we talk about the debt ceiling and we talk about its impact, this debate for the people who are watching, and, getting to this craziness we see the market reacting in a way you can't anticipate. what would happen to our 401(k) if congress he said they have to get together, i was thinking two words, "good luck." whether they can't do something? >> if they don't raise the debt ceiling and let's say we get debt downgrades, the market has a fit basically and drops as they did in 2011, all our investments will get hit. the stock market will go down as it did in a big way in the summer of 2011. on the other hand, if they extend the limits, the debt ceiling limit and do something more, maybe not a grand compromise, something more in terms of deficit reduction, my guess is the
this. yes, it may run up the immediate deficit, but once again, for every dollar that we invest in those levees we not only save lives and property, but we put people to work and we get the economic engine going. further up in my district, again, along the sacramento and the rivers, i have a project that's 44 miles of levee that clearly will fail. it has failed four times in the last 60 years. lives have been lost. one of the most catastrophic failures of a levee happened in this stretch of river. we need to rebuild that. the federal government's role in these construction projects of these levees has gone back to the very beginning of this nation and it is congress' task to allocate the money to decide the projects that are going to be built. but unfortunately we tied ourselves in knots here with certain rules that have been put in by our republican colleagues that prevent us from taking the necessary action to protect our communities. we're not talking about, you know, willy nily unnecessary projects. we're talking about saving -- nilly unnecessary projects. we're talking abou
they need to put inshunes on a gun like you do a car. host: so often we focus on the u.s. debt or deficit, we have exceeded now the dealt limit of $16.4 trillion. you can see in the upper left-hand side the debt clock. difficult choices on the debt if the u.s. think it's ceiling. the piece points out by mid february or early march the united states could face an unprecedented default unless it raises the debt ceiling. that was from tim geithner. further into the body of the "new york times" story i want to is share with you some of the numbers "the new york times" points out today. that could happen as early as february 15, if that happens by february 15 or early march, according to the by partisan policy center in analysis of what the government expects is $8 billion in revenue that day but it has $52 billion in spending that day, $6.8 billion in tax refunds, $3.5 in federal salaries, and $1.5 ode to military contractors and other commitments. consider again that day on february 15 f that is the day we reach the limit, the country would not have enough money to pay the bond holders let a
the debt limit with deficit reduction. nothing could be further from the truth. in the past three decades the only thing that has worked in washington to get the spending under control is to tie debt spending to a limit. gramm-rudman. it is a tool that can and should be used. >>gretchen: he seems to think it has nothing to do with spending. what would be your counter to that? >> it has everything to do with spending. again, it's been the most effective tool to be used to try to get washington to finally begin to tighten its belt and do the right thing. if we don't, the country does become bankrupt. some would grew it already -- some would argue it already is, as we saw in that hbo -- hank paulson looked good. >>gretchen: he wasn't playing himself. unfortunately we're out of time, but this discussion could go on and on. >> the american people want us to deal with this issue, and this has been the time and place to do it. we ought to do it in the next few weeks. >>gretchen: senator, great to see you. more "fox & friends" more "fox & friends" straight ahead.t jack's cereal. [ jack ] what's f
Search Results 0 to 5 of about 6